home short sales/foreclosures
04-22-2010, 09:48 AM
#13
Power Poster
Thread Starter
Join Date: May 2008
Location: MN
Posts: 24,438
For many it goes like this:
Payments up to date, but things are tough: Lender won't talk to you because your payments are current
Payments are behind: Lender won't talk to you because you are behind on your payments
Lender will work with real estate broker/agent when things get to the foreclosure stage
Makes no sense to me
Payments up to date, but things are tough: Lender won't talk to you because your payments are current
Payments are behind: Lender won't talk to you because you are behind on your payments
Lender will work with real estate broker/agent when things get to the foreclosure stage
Makes no sense to me
04-22-2010, 10:14 AM
#14
Junior Member
Join Date: Dec 2008
Location: Central California
Posts: 294
Originally Posted by Chasing Hawk
When we were shopping around for a new house. We ran into several short sales. The house we did buy was a foreclosure. A great deal at $154,000, we seen some disasters going for more than that. Our house is 5 years old and 1700 sq ft.
Short sales work if you have the time to sell before foreclosure proceedings start. Our son in California bought a house last year on a short sale a 4 bedroom house and they paid something like 120,000 for it.
Short sales work if you have the time to sell before foreclosure proceedings start. Our son in California bought a house last year on a short sale a 4 bedroom house and they paid something like 120,000 for it.
04-22-2010, 10:30 AM
#16
Senior Member
Join Date: Jul 2009
Location: Minnesota
Posts: 688
There is an alternative for people who are up to date but no one tells you about. If your loan is backed by Fannie Mae or Freddie Mack, your home can be approved to be refinanced at 125% of the current value. This is good for people who have been on ARMs loans that now have homes that are valued less than when they bought it. Around here, basically it means that the refinance is for about what was paid 5-6 years ago. :0(
04-22-2010, 10:42 AM
#17
Super Member
Join Date: Jan 2010
Location: Pacific Northwest
Posts: 9,273
Originally Posted by mochasue
Originally Posted by Chasing Hawk
When we were shopping around for a new house. We ran into several short sales. The house we did buy was a foreclosure. A great deal at $154,000, we seen some disasters going for more than that. Our house is 5 years old and 1700 sq ft.
Short sales work if you have the time to sell before foreclosure proceedings start. Our son in California bought a house last year on a short sale a 4 bedroom house and they paid something like 120,000 for it.
Short sales work if you have the time to sell before foreclosure proceedings start. Our son in California bought a house last year on a short sale a 4 bedroom house and they paid something like 120,000 for it.
04-22-2010, 11:28 AM
#18
Junior Member
Join Date: Dec 2008
Location: Central California
Posts: 294
I don't mean to make it sound like there is anything wrong with Bakersfield or Visalia, it's just that I am house hunting and that price shocked me. I spoke too soon. I live on the Central Coast (near Pismo Beach) and I can't touch anything for less than 300,000. I'm reconsidering purchasing.
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